Geopolitical Analyst, Steno Research, Steno Research

Mikkel Rosenvold

Geopolitical Analyst, Steno Research

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Welcome to this weeks Great Game, in which we will cover 3 major stories right now – European EV tariffs, the upcoming election in France and the turmoil in Brazil.</li><li>EU Tariffs on Chinese Electric Vehicles Situation: The European Commission is expected to disclose this week the tariffs it plans to impose on Chinese electric vehicles (EVs) due to what it says are excessive subsidies.</li><li>This move follows Washington’s recent decision to quadruple duties for Chinese EVs to 100%, although Brussels is expected to set significantly lower tariffs.</li></ul>

Welcome to this weeks Great Game, in which we will cover 3 major stories right now – European EV tariffs, the upcoming election in France and the turmoil in Brazil.EU Tariffs on Chinese Electric Vehicles Situation: The European Commission is expected to disclose this week the tariffs it plans to impose on Chinese electric vehicles (EVs) due to what it says are excessive subsidies.This move follows Washington’s recent decision to quadruple duties for Chinese EVs to 100%, although Brussels is expected to set significantly lower tariffs.

Great Game – Why Tesla is winning the EU-China trade war

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

<ul>
<li>European Commission will impose provisional tariffs on imported Chinese battery electric vehicles.</li>
<li>Zeekr’s deliveries increased by 117% YoY in 1Q24 and by 112% YoY in the first five months of 2024.</li>
<li>Ant Group will pay RMB1 billion to sponsor content creators on AliPay.</li>
</ul>


European Commission will impose provisional tariffs on imported Chinese battery electric vehicles.
Zeekr’s deliveries increased by 117% YoY in 1Q24 and by 112% YoY in the first five months of 2024.
Ant Group will pay RMB1 billion to sponsor content creators on AliPay.


China Consumption Weekly (17 Jun 2024): BYD, Geely, Zeekr, Zhihu, China Literature, Tencent

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Quantitative Analysis

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net SELL RMB 21.9bn of A-shares. NORTHBOUND bought tech and sold everything else, especially consumer names. Kweichow Moutai, Midea, appliances and renewables.</li>
<li>Ongoing questions as to whether the NORTHBOUND volumes to the buy side are all foreigners. Some suspect there is national team buying mixed in, as was expected from earlier announcements.</li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net SELL RMB 21.9bn of A-shares. NORTHBOUND bought tech and sold everything else, especially consumer names. Kweichow Moutai, Midea, appliances and renewables.
Ongoing questions as to whether the NORTHBOUND volumes to the buy side are all foreigners. Some suspect there is national team buying mixed in, as was expected from earlier announcements.


Mainland Connect NORTHBOUND Flows (To 14 June 2024): Large Tech Buying, Large Consumer Selling

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>About a year ago, we started collating battery investments in the European Union. At the time we conclude between 1/4 to a 1/3 were originated from China;</li>
<li>A year later, we revisited and found the ratio has increased. With the latest EU tariff on China-made EV's, we expect Chinese capacity buildups to quicken;</li>
<li>A total of 1,742 GWh of projects are supposed to go online in EU countries, representing investment of US$150bn, among which China related GWh and investment is ~25%. </li>
</ul>


About a year ago, we started collating battery investments in the European Union. At the time we conclude between 1/4 to a 1/3 were originated from China;
A year later, we revisited and found the ratio has increased. With the latest EU tariff on China-made EV's, we expect Chinese capacity buildups to quicken;
A total of 1,742 GWh of projects are supposed to go online in EU countries, representing investment of US$150bn, among which China related GWh and investment is ~25%. 


EU's Battery and Solar Investments, One Year After, Part I

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>How the EU’s new tariff hikes will affect China-made EVs</li><li>Hong Kong creates task force to investigate university management's escalating spat</li><li>Bankrupt Sichuan Trust seeks investors to bring business back</li></ul>

How the EU’s new tariff hikes will affect China-made EVsHong Kong creates task force to investigate university management's escalating spatBankrupt Sichuan Trust seeks investors to bring business back

CX Daily: How the EU’s New Tariff Hikes Will Affect China-Made EVs 

China

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

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Great Game – Why Tesla is winning the EU-China trade war

Welcome to this weeks Great Game, in which we will cover 3 major stories right now – European EV tariffs, the upcoming election in France and the...

Steno Research

China Consumption Weekly (17 Jun 2024): BYD, Geely, Zeekr, Zhihu, China Literature, Tencent

European Commission will impose tariffs on Chinese electric vehicles. Zeekr’s deliveries increased by 112% YoY from Jan to May. Ant Group will pay...

Ming Lu

Mainland Connect NORTHBOUND Flows (To 14 June 2024): Large Tech Buying, Large Consumer Selling

Mainland Connect NORTHBOUND flows this past 4-day week were heavily to the sell side. Consumer Staples/Discretionary were HUGE net sells. Tech was...

Travis Lundy

EU's Battery and Solar Investments, One Year After, Part I

Chinese companies accounted for a quarter of battery investments in EU. This ratio has increased materially over the past 12 months and will...

Blue Lotus Research Institute

CX Daily: How the EU’s New Tariff Hikes Will Affect China-Made EVs

Tariffs / Caixin Explains: How the EU’s new tariff hikes will affect China-made EVs The European Union has decided to provisionally impose extra...

Caixin Global

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